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Intra Day Yen - Naked

  • #581
  • Edited 4:51am Mar 3, 2008 4:30am | Edited 4:51am
Hi Belekas,
i am looking that You are near my country ;]

Here is my UJ 5min chart.

Am i right on drawing this fib for UJ 5 min?
On yelow rectangle 50% touch it would be good reason for short ?
In this case - price just didnt work on fibs?




Thank You.

Best,
Tom
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  • #582
  • Mar 3, 2008 6:55am Mar 3, 2008 6:55am
Just to let you all know that I'll be reducing my posting due to other commitments. I'll still pop in from time to time, but will not be activly posting.

Good trading to you all

Issy.
Trading Levels with WRBs
  • #583
  • Mar 3, 2008 9:43am Mar 3, 2008 9:43am
here was a great 5 min signal.....Buy at 204.45 on the exit from the DZ and it went up 120 pips....http://www.forexfactory.com/images/icons/icon14.gif
Attached Image
Trading Levels with WRBs
  • #584
  • Mar 3, 2008 11:04am Mar 3, 2008 11:04am
Great trading Issy, ive missed this one as well and alot of others as well. I

was so nervous for the ej i took today i had to quit trading for today and hit

the gym to relax my body and mind.

  • #585
  • Mar 3, 2008 11:07am Mar 3, 2008 11:07am
read this thread a few more times and you will start getting a feeling about

how this works. ive spent hundreds of hours with my charts and now im

starting to see the light at the end of the tunnel, still we are human and

make mistaked... I wouldnt take short on this touch no matter what.

Personaly i would need more confirmation.

Quoting tfflyer
Hi Belekas,
i am looking that You are near my country ;]

Here is my UJ 5min chart.

Am i right on drawing this fib for UJ 5 min?
On yelow rectangle 50% touch it would be good reason for short ?
In this case - price just didnt work on fibs?




Thank You.

Best,
Tom
  • #586
  • Mar 3, 2008 12:18pm Mar 3, 2008 12:18pm
Here was a sell from lower DZ zone. Good for ~95points.

Edit: T3 hit, T4 3pips left
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  • #587
  • Mar 3, 2008 12:54pm Mar 3, 2008 12:54pm
Quoting Islander
here was a great 5 min signal.....Buy at 204.45 on the exit from the DZ and it went up 120 pips....http://www.forexfactory.com/images/icons/icon14.gif
This is where I get a bit confused about what constitutes an entry - why wouldn't you have entered at the first exit from the DZ i.e. a short at 204.08 from the 11:35 candle? Or the next which was a bounce off the 50% (11:45) and then another exit (11:55). Obviously they would have been failed trades, but didn't they fit the same criteria for the long you mention i.e. exit from DZ?
  • #588
  • Mar 3, 2008 3:57pm Mar 3, 2008 3:57pm
Quoting shandy
This is where I get a bit confused about what constitutes an entry - why wouldn't you have entered at the first exit from the DZ i.e. a short at 204.08 from the 11:35 candle? Or the next which was a bounce off the 50% (11:45) and then another exit (11:55). Obviously they would have been failed trades, but didn't they fit the same criteria for the long you mention i.e. exit from DZ?
I wasn't awake at the time Shandy but here's what I see. after the low was hit at 203.47 it also looked as if UJ had finally run out of gas and was either refilling for another rubber band snap or it was now heading upwards.

But if you look at the lower lows on GJ after 203.47 it was not looking like a short trade scenario to me, price never really broke decisively below the DZ on the way down but as it tried to get below it between 14:30 and 14:45 it just couldn't get any lower.
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trading naked.......
  • #589
  • Edited 10:50pm Mar 3, 2008 9:27pm | Edited 10:50pm
GM everybody. Here are my current m15 charts. UJ and GJ above DP. Cable

below DP. On my charts DP line goes along the DZ line. So lets see what

happens in the meantime.

edit: also im watching hl's on uj and gj. i marked them with red lil lines.

edit: was a clear early buy for me but i didnt take it as i dont trade that early, only FO and LO.
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  • #590
  • Mar 5, 2008 2:10am Mar 5, 2008 2:10am
An interesting morning - the Frankfurters pushed cable down and GJ followed to stop at a Gann Line in the DZ. The slightly positive UK news and back up it goes - but will it be able to break out above the 205.47 high? TWT
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Trading Levels with WRBs
  • #591
  • Mar 5, 2008 2:11am Mar 5, 2008 2:11am
Quoting Islander
An interesting morning - the Frankfurters pushed cable down and GJ followed to stop at a Gann Line in the DZ. The slightly positive UK news and back up it goes - but will it be able to break out above the 205.47 high? TWT

hey bud.... how about a lesson for dagoods in the secret room
  • #592
  • Mar 5, 2008 3:10am Mar 5, 2008 3:10am
Hi guys,

My first post in this thread and i must say, its a great thread you started here Islander, well done.
I have a couple of questions with regards to stop placement and trailing stops? When you take an entry when price comes out of the DZ zone, where do you place your stop?
I believe there are a number of places:
1. Underneath the last swing low/high on the 5 min chart, if taking an entry from this timeframe.
2. Above/Below the opposite end of the DZ zone, although i think this may be a little risky?
3. Above/Below the 0 or 100 lines of the fib, this one being the widest stop and giving the least risk/reward but far safer.

If you are going for the 382 extension, ie T1, then that gives just under a 1:1 r/r given the spread, if your stop is at the 0 or 100 line, anything else gives greater reward than risk.
I also would like to know if you move stops up when it approaches the 0 or 100 lines, in case we do not get the penetration or do you simply wait for the T1 to be hit?
Do you guys trail behind the 5 min swing points, maybe having scaled some of the position?

I would be very interested in how you guys manage these trades with regards to these question. Quite a few of you seem to have mastered this very well and i would like to adopt a similar strat based on this.

Cheers,
Steve
  • #593
  • Mar 5, 2008 4:19am Mar 5, 2008 4:19am
This was an opportunity to add or get in - on the pull back into the DZ
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Trading Levels with WRBs
  • #594
  • Mar 5, 2008 4:36am Mar 5, 2008 4:36am
Quoting steveshutts
Hi guys,

My first post in this thread and i must say, its a great thread you started here Islander, well done.
I have a couple of questions with regards to stop placement and trailing stops? When you take an entry when price comes out of the DZ zone, where do you place your stop?
I believe there are a number of places:
1. Underneath the last swing low/high on the 5 min chart, if taking an entry from this timeframe.
2. Above/Below the opposite end of the DZ zone, although i think this may be a little risky?
3. Above/Below the 0 or 100 lines of the fib, this one being the widest stop and giving the least risk/reward but far safer.

If you are going for the 382 extension, ie T1, then that gives just under a 1:1 r/r given the spread, if your stop is at the 0 or 100 line, anything else gives greater reward than risk.
I also would like to know if you move stops up when it approaches the 0 or 100 lines, in case we do not get the penetration or do you simply wait for the T1 to be hit?
Do you guys trail behind the 5 min swing points, maybe having scaled some of the position?

I would be very interested in how you guys manage these trades with regards to these question. Quite a few of you seem to have mastered this very well and i would like to adopt a similar strat based on this.

Cheers,
Steve
Well to quote Skunny, you place your stop where you would be looking to take a reversal trade. So as I work on getting into a trade before the swing point - the "00" level - I use the AL lines for this (the 23.6 / 76.4 ) levels. Thus I would place a stop say 5 pips the other side of the AL line.

Also I believe in never allowing a profit to turn into a loss, so once I am 15 pips in profit, my stop goes to breakeven +1.

After that I'll be thinking of a stop behind the next fib level, so as I write this with price just above the 00 level of 205.34 that would be the AL at 205.11 - say 205.06.

I watch both the 100 levels and the pivots - now price is held by the M3 level at 205.44 - so its a judgement call to close IF price turns back down. Its easier if you are trading in units of 3 or 4 - that way you can vary your exits by taking a partial profit and leaving some to run.

Hope that helps - its personal choice - do some testing and you'll find what suits you best.
Trading Levels with WRBs
  • #595
  • Mar 5, 2008 4:42am Mar 5, 2008 4:42am
Quoting dagoods
hey bud.... how about a lesson for dagoods in the secret room

Hi DG - I'll swing by later - after the ADP news etc http://www.forexfactory.com/images/icons/icon12.gif
Trading Levels with WRBs
  • #596
  • Mar 5, 2008 4:45am Mar 5, 2008 4:45am
Quoting Islander
Hi DG - I'll swing by later - after the ADP news etc http://www.forexfactory.com/images/icons/icon12.gif

thanks! yeah nothing seems to be happening till news anyways....
  • #597
  • Edited 6:37am Mar 5, 2008 6:13am | Edited 6:37am
Hi Yall,

some hard trading days ah guys?

took this euroyen long on the bounce of 50% . Watching r1, if it breaks next target 158

edit: while i was typing UJ broke m3 up into its DZ and pushed EJ thru r1, now it needs to break 157.80 and were good to go!

edit: closed @ r1 with +20pips profit...though it might go higher, during such hard times 20 is ok!
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  • #598
  • Mar 5, 2008 6:25am Mar 5, 2008 6:25am
Quoting Islander
This was an opportunity to add or get in - on the pull back into the DZ
Hi Islander

Nice thread you got going here!! I also read and re-read Skunny's thread until I could recite his wisdom while trying to get behind cycles and walking fibs and what not. A question regarding entries ... do you enter on a rejection of levels in the DZ ... Isn't it a bit of gamble as price did not show any commitment regarding direction yet?
  • #599
  • Mar 5, 2008 6:55am Mar 5, 2008 6:55am
Thanks for the quick response Islander. That all makes sense.
A quick review of the trade you took. I took more or less the same earlier but this was off the 15 but was stopped out at BE.
I am now long on cable and have moved my stop up to BE on that one now, looking for 9840 for 1st TP.
I like the stop placement behind the AL, makes sense. So with this current trade, if it had turned back around and come back down and hit your stop, would you have gone short, ie would that have been the short trigger?
I need to carry out some testing i know, and from the posts, i can see that you have done a lot of that. I am used to trading the longer time frames and i always expect a pullback after my entry, especially on the beast. Moving the stop to BE after 15 pips seems a bit close on this pair, but the difference i can see is that you are getting in right at the start of the new move so it should move away pretty fast, otherwise i assume you want to be covering yourself, am i right? This is something i will have to get used to if i a going to be looking at these timeframes again.

http://www.forexfactory.com/attachme...1&d=1204728871
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  • #600
  • Mar 5, 2008 7:14am Mar 5, 2008 7:14am
Nicely aided along there by those ISM figures. The beast and cable hit T2, bugger those brokers who stopped me out earlier on the beast!!! LOL
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